Open banking has become a strategic priority and an IT security paradox for many financial institutions. The castles have to open their gates and lower their drawbridges, while, at the same time, finding new ways to defend against unwanted guests. In this context, many see IT security as a challenge and an inevitable evil – but nothing could be further from the truth. When done right, securing APIs can actually be the key factor to improving user experience in an ecosystem.

What factors are driving innovation in open banking? Can the platform economy really work for the banking industry?

The arrival of PSD2 in the EU means banks need Open Banking Platforms to compete. Some banks chose to develop their own software in house, while others took the faster and easier route of using off the shelf platforms created by innovative FinTech firms.